Türkiye realizes the highest October export with $21.3 billion

January 5, 2023

In the January-October period, export increased by 15.4 percent and exceeded 209 billion dollars and 253 billion dollars in the last 12 months. Automotive was the sector that realized the most export in October with 2.7 billion dollars. Chemicals and their products ranked second with $2.6 billion, and ready-to-wear ranked third with $1.7 billion.

TİM Chairman Mustafa Gültepe: In October, we lost 1.5 billion dollars due to parity. The parity-induced slippage reached $11.5 billion in 10 months.

Turkish Exporters Assembly (TİM) announced the export data for October in İstanbul with the participation of Trade Minister Mehmet Muş. TİM Chairman Mustafa Gültepe said that despite the contraction signals in global economies, the export family showed a successful performance in October.

According to the General Trade System (GTS) records, stating that export in October reached $ 21.3 billion increasing by 2.8 percent, Gültepe said, “With this result, we have achieved the highest October export of all time. Our export exceeded 209 billion dollars in 10  months and 253 billion dollars in 12 months. We are 15.4 percent increase in 10-month exports compared to last year. We have broken monthly export records in all of the last 12 months. In October, our top 5 sectors were automotive with 2.7 billion dollars, chemicals with 2.6 billion dollars, ready-to-wear with 1.7 billion dollars, steel with 1.4 billion dollars, and electrical and electronics with 1.3 billion dollars.  Our defense and aerospace and grain sectors achieved the highest exports in their history last month.”

THE AVERAGE KILOGRAM UNIT VALUE IN EXPORT INCREASED TO $1.64

Mustafa Gültepe reported that 38 cities increased their exports in October, and the top five cities with the most exports were İstanbul, Kocaeli, Bursa, İzmir, and Gaziantep. Stating that Türkiye exported to 217 countries and regions in October, Gültepe continued his words as follows:

“The top three countries we exported the most to were Germany, Iraq, and the USA. In October, 1,806 new companies joined our export family. The increase in our average kilogram unit export value continues. Compared to October last year, our kilogram unit value increased by 18.7 percent to $1.64.  We should go above at least $2 on average. For this, we must increase our value-added, branded exports. We are getting better every year in terms of branding. In recent years, we have been producing brands that will increase the perception of Made in Türkiye.  Our domestic car, TOGG, the first of which was taken off the production line on Republic Day, will hopefully become a sought-after brand all over the world. As TİM, we will use our automobile preference in favor of TOGG.”

WE WILL REACH OUR TARGET OF 250 BILLION DOLLARS AT THE END OF THE YEAR

Mustafa Gültepe reminded that contraction signals continue to come from global economies, especially Europe and the USA, which are Türkiye’s largest markets. Explaining that import demand was suppressed in these markets due to reasons such as high energy prices, inflationary pressure, interest rate policies, and cutting household expenditures, Gültepe said:

“Since the beginning of the year, the Euro/Dollar parity has also reflected negatively on our export.  In October alone, our loss due to parity exceeded $1.5 billion and our loss in 10 months exceeded $11.5 billion. We started 2022 with an export target of 250 billion dollars. We have two months ahead of us. Despite everything, we will reach the target and hopefully achieve a 10 percent growth in export. Global trade is projected to grow by 3.5 percent this year. When we look at the overall picture, I can say that we have drawn a good graph. Concerns are growing that global trade will shrink in 2023. We follow the process closely. We are in constant consultation with our ministries and unions. Last week, we held our TİM Extended Board of Presidents meeting. At the meeting attended by Minister Çavuşoğlu, we listened to the opinions and suggestions of our union’s presidents. In the next few months, there may be a contraction in the exports of some of our sectors. We foresee an increase in demand in energy-intensive sectors such as iron and steel, cement, ceramics, glass, and fertilizer. In summary, we consider all possibilities. I believe that with the support of our state, we will get through this process with little damage, as in the pandemic.”

Mustafa Gültepe reported that they continue their contacts abroad for new markets and collaborations in export without interruption. Stating that they organized a trade delegation to India and the Philippines with wide participation last month, Gültepe added that they will have delegations to South Korea and Indonesia this month.

Source: Turkish Exporters Assembly (TİM)
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